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Coinbase believes the SEC is trying to “side-step” the Howey test by avoiding the question of whether a digital asset transaction carrying no post-sale obligations can be an investment contract.

The appeal aims to challenge a recent court order concerning a critical legal question in its ongoing case with the SEC.

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Coinbase claims the SEC is avoiding the Howey test in determining if digital asset transactions without post-sale obligations are investment contracts. The appeal challenges a recent court ruling on this issue.